Good news for jewellers: this Mother’s Day is sure to be a profitable one. According to the National Retail Federation (NRF), sales for this holiday are expected to reach a record high, with jewellery sales driving the increase.
Last year, total Mother’s Day sales were $21.4 billion, while this year’s spending is expected to reach a whopping $23.6 billion. On average, shoppers are expected to spend $189.39, up from $172.22 last year.
What’s more, jewellery sales are forecasted to hit $5 billion, up 19 per cent. To take advantage of this trend, consider holding Mother’s Day sales, themed events, or specials—by driving traffic into your store, you’re sure to get your share of the market.
The organization also notes that certain consumers are better to target for these initiatives.
“Consumers are planning to open up their wallets a little bit more to celebrate the women with the most important jobs in the world on Mother’s Day,” says Prosper Principal Analyst Pam Goodfellow. “We will see older Millennials (25-34) spend the most, and younger consumers are putting their online shopping skills to good use to purchase their moms the perfect gift.”
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